FYI:
Predictmedix announces production of AI-powered mobile application to detect impairment from alcohol and cannabis
Predictmedix Inc. (CSE:PMED, OTCQB:PMEDF) has announced the production of its AI-Powered mobile app in conjunction with a portable multi-spectral imaging camera to non-invasively detect impairment from alcohol and cannabis.
The non-invasive solution will be commercialized to serve global law enforcement agencies, transport, and other mobile high-risk industries where impairment remains a significant liability, it said.
Recently conducted studies showed that the screening tool, which screens in under 30 seconds, can accurately identify impaired individuals with a success rate of over 90%.
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"We are happy to announce to our shareholders that we are making very good progress with our portable solution for detecting impairment in individuals,” Dr Rahul Kushwah, chief operating officer at Predictmedix said in a statement.
“From our research and discussions with high-level contacts, we believe our product will be in high demand in multiple industry verticals worldwide. In 2021, the drug screening market size was valued at over $5.2 billion with revenue forecasted at over $22 billion in 20302, making this another lucrative opportunity for Predictmedix.
"We look forward to updating our shareholders on further technological and commercial development,” he added.
Although cannabis breathalyzers are still at an early stage of development, alcohol breathalyzers have been reported to have up to a 50% margin of error according to the National Motorists Association.
Impairment from alcohol and cannabis has been an ongoing issue for law enforcement and high-risk industries around the world and current screening are long and costly.
The screening tool uses a multiparametric approach to identify unique and specific features based on facial and speech analysis which are analyzed by AI algorithms, resulting in an unbiased outcome, according to the company.
The multi-spectral imaging camera captures non-visible wavelength data which the AI algorithms extract features that are associated with impairment from alcohol and/or cannabis. AI by nature is self-learning, Predictmedix's algorithms improve as more data is obtained and processed resulting in greater accuracy and speed with time, the company said, adding that the speech analysis component of the solution alone has achieved an impressive accuracy rate in identifying impairment.
Predictmedix recognises the potential this specific use-case has for the end consumer and is currently taking action to preserve the rights and IP of the technology for commercialization efforts and shareholder concerns.
Predictmedix is an emerging provider of rapid health screening and remote patient care solutions globally.
Contact the author at jon.hopkins@proactiveinvestors.com
